Anaplan Inc. (PLAN) PT Raised to $90 at Monness, Crespi, Hardt; 'Buy on Weakness'

Monness, Crespi, Hardt analyst Brian White raised the price target on Anaplan Inc. (NYSE: PLAN) to $90.00 (from $80.00) while maintaining a Buy rating, telling clients to buy on weakness.

The analyst commented, "Anaplan delivered strong 4Q:FY21 results while providing a healthy 1Q:FY22 outlook and slightly expanding its FY:22 revenue guidance. We believe today’s selloff is an overreaction, driven largely by a rotation out of next-gen, growth stocks given the recent rise in bond yields, coupled with an event catalyst (i.e., earnings call). That said, we also believe investors may have wanted a higher uptick in the company’s FY:22 revenue guidance; however, we believe Anaplan is taking a measured approach to the year given the many macro uncertainties. We are increasing our 12-month price target to $90 from $80. "

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